JOYN Advisors Inc. acquired a new stake in Crane Co. (NYSE:CR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,383 shares of the conglomerate’s stock, valued at approximately $213,000.
Several other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of Crane by 2.6% in the fourth quarter. BlackRock Inc. now owns 4,209,820 shares of the conglomerate’s stock valued at $375,599,000 after acquiring an additional 108,360 shares during the period. Principal Financial Group Inc. increased its position in shares of Crane by 13.1% during the third quarter. Principal Financial Group Inc. now owns 1,440,120 shares of the conglomerate’s stock valued at $115,195,000 after buying an additional 167,051 shares during the period. Victory Capital Management Inc. increased its position in shares of Crane by 31.9% during the fourth quarter. Victory Capital Management Inc. now owns 874,707 shares of the conglomerate’s stock valued at $78,041,000 after buying an additional 211,710 shares during the period. Bank of New York Mellon Corp increased its position in shares of Crane by 0.8% during the third quarter. Bank of New York Mellon Corp now owns 647,568 shares of the conglomerate’s stock valued at $51,798,000 after buying an additional 5,071 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Crane by 6.5% during the third quarter. JPMorgan Chase & Co. now owns 620,365 shares of the conglomerate’s stock valued at $49,946,000 after buying an additional 37,881 shares during the period. Hedge funds and other institutional investors own 69.36% of the company’s stock.
CR has been the topic of several research analyst reports. Vertical Research upgraded shares of Crane from a “hold” rating to a “buy” rating in a research report on Wednesday, December 6th. Oppenheimer reiterated a “buy” rating on shares of Crane in a research report on Tuesday, December 5th. Canaccord Genuity reiterated a “buy” rating and set a $95.00 price target on shares of Crane in a research report on Tuesday, December 5th. ValuEngine upgraded shares of Crane from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Stifel Nicolaus reissued a “hold” rating and set a $99.00 price objective (up previously from $87.00) on shares of Crane in a research note on Tuesday, January 16th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $106.29.
In other news, insider Brendan Curran sold 16,356 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $93.87, for a total value of $1,535,337.72. Following the transaction, the insider now owns 27,702 shares in the company, valued at $2,600,386.74. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Augustus I. Dupont sold 16,396 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $97.74, for a total transaction of $1,602,545.04. Following the completion of the transaction, the vice president now owns 102,994 shares in the company, valued at approximately $10,066,633.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,861 shares of company stock worth $4,476,647. Insiders own 3.10% of the company’s stock.
Crane Co. (NYSE:CR) traded up $0.21 during trading hours on Friday, reaching $94.73. 354,283 shares of the company traded hands, compared to its average volume of 235,150. Crane Co. has a 1-year low of $70.56 and a 1-year high of $102.65. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.81 and a quick ratio of 1.40. The company has a market capitalization of $5,637.66, a price-to-earnings ratio of 33.36, a P/E/G ratio of 1.31 and a beta of 1.23.
Crane (NYSE:CR) last posted its quarterly earnings data on Monday, January 29th. The conglomerate reported $1.18 EPS for the quarter, topping the consensus estimate of $1.17 by $0.01. The business had revenue of $714.20 million for the quarter, compared to analyst estimates of $702.50 million. Crane had a net margin of 6.17% and a return on equity of 20.66%. Crane’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 earnings per share. analysts anticipate that Crane Co. will post 5.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Wednesday, February 28th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.48%. The ex-dividend date was Tuesday, February 27th. This is an increase from Crane’s previous quarterly dividend of $0.33. Crane’s dividend payout ratio is currently 49.30%.
Crane Company Profile
Crane Co (Crane) is a manufacturer of engineered industrial products. The Company operates through four segments, including Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics, and Engineered Materials. The Fluid Handling segment is a provider of engineered fluid handling equipment, including Process Valves and Related Products, Commercial Valves and Other Products.
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